Capital One (NYSE:COF) is apparently not a believer in modest dividend increases. The company announced it is to pay $0.30 per share of its common stock on May 23 to holders of record as of May 13. That amount is six times the $0.05 disbursement the firm handed out in every previous quarter stretching back to May 2009.

Capital One also declared a dividend for its 6.00% series B preferred stock. Possessors of that security will be paid $15.00 on June 3 if they hold their shares as of May 17.

The new common stock dividend annualizes to $1.20 per share. That yields 2.1% at Capital One's current stock price of $58.18.

Fool contributor Eric Volkman has no position in Capital One. The Motley Fool has no position in Capital One. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.